NCBA Group is one of the leading financial institutions in Kenya, offering a wide range of banking services and solutions to individuals, businesses, and organisations.
The Group is primarily owned by former Central Bank of Kenya Governor Philip Ndegwa’s family, which has recently overtaken the Kenyatta family as the largest shareholder.
Here are the top 10 principal shareholders of NCBA Group as of 31st December 2024, listed with their percentage ownership:
- First Chartered Securities Limited – 14.94%
- Enkle Investments Limited – 13.20%
- D&M Management Services LLP – 11.54%
- Brookshire Limited – 8.63%
- Westpoint Nominees Limited – 7.69%
- Yana Investments Limited – 5.41%
- Kahuho Holdings Limited – 4.10%
- Rivel Kenya Limited – 3.90%
- Makinwa Consultants Limited – 2.95%
- MTC Trust Corporate Services Limited – A/C NCBA Group ESOP – 1.32%
The Bank’s Management as of 2025
John Gachora is the Group Managing Director and Chief Executive Officer (CEO) of NCBA Group.
He has a strong background in executive management with previous roles at Bank of America and Barclays Africa. He holds degrees from MIT and an MBA from the Wharton School.
James M. Gossip was appointed Managing Director (Executive) of NCBA Bank Kenya PLC, effective May 12, 2025.
He has over 30 years of international banking experience, including senior leadership roles at HSBC across Europe, Asia, and North America.
Also Read: NCBA Reports AIG Buyout Was Ksh1 Billion Bargain with Hidden Cost
David Abwoga serves as Group Director, Finance & Strategy. He brings over 25 years of regional experience in audit, operations, and finance, and holds qualifications including CPA(K) and CPS(K).
The firm’s Group Board of Directors includes:
- James P. M. Ndegwa (Group Chairman)
- Desterio A. Oyatsi (Deputy Chairman)
- John Gachora (Group Managing Director)
- Isaac O. Awuondo (Non-Executive Director)
- Esther N. Ngaine
- Kairo Thuo
- Philip R. Lopokoiyit
- Andrew S. M. Ndegwa
- John S. Armitage
- Abdirahin H. Abdi
History of NCBA Bank Kenya
NCBA Bank’s factual history traces back to separate entities that merged to form the current institution.
National Industrial Credit (NIC) was incorporated in Kenya on September 29, 1959, initially providing hire purchase and installment credit finance in East Africa.
It became a public company listed on the Nairobi Stock Exchange in 1971.
NIC transitioned into commercial banking in 1995 after obtaining a license from the Central Bank of Kenya and merged with African Mercantile Bank Limited in 1997 to diversify services.
Commercial Bank of Africa (CBA), founded over 50 years ago, was a well-established Kenyan regional bank known for innovating digital banking solutions, including M-Shwari and mortgage products. CBA developed a strong reputation serving large corporations and individual clients.
Also Read: NCBA Company Secretary Resigns with Immediate Effect
In December 2018, NIC and CBA began merger discussions to create a larger unified group. The merger was recommended, approved by shareholders in April 2019, and finalized with regulatory approval effective October 1, 2019.
The merged entity became NCBA Group Plc, resulting in Kenya’s third-largest bank by assets, combining over 100 years of banking experience.
The NCBA Group operates across Kenya, Uganda, Tanzania, Rwanda, and the Ivory Coast, with a strong branch network and a focus on digital transformation and customer service.
The bank has continued to expand and innovate since the merger, now potentially attracting acquisition interest from Standard Bank Group as of October 2025.
Follow our WhatsApp Channel and X Account for real-time news updates.
